Encapsulation Resins Market 2021 Industry Outlook, Present Scenario of Manufacturers, Analysis and Research Study by 2027
Market Summary
The global demand for encapsulation resins stood at
USD 3.67 billion in 2018, and the market is poised to exhibit a CAGR of over
3.4% during the forecast period. Furthermore, the growth is expected from the
electrical and electronics industry due to increasing demand for consumer
electronics and energy-efficient electrical and electronics manufacturing
services (EMS). Additionally, the growing demand for automation in major
end-use industries such as automotive, marine, construction, aerospace, and
others is also expected to propel the demand for encapsulation resins during
the forecast period.
Segment Analysis
The global Encapsulation Resins Market has been segmented by product type, application, and end-use
industry. The global market by product type has been classified into encapsulated
epoxy resins, polyurethane resins, silicone resins, and others. The
encapsulated epoxy resins and polyurethane resins together are expected to hold
a share of over 60% of the global market during the forecast period.
Encapsulated epoxy resins exhibit excellent chemical and thermal resistance;
they are extensively used in the automotive, transportation, and construction
industries. In 2018, epoxy resins accounted for USD 6.67 billion with
increasing application in the automotive and construction industries. The
others segment includes isocyanate-free resins, thermally conductive resins,
and UV encapsulation resins, which together hold less than 20% of the share of
the global market.
Encapsulation resin offers insulation and protection
for printed circuit boards (PCBs) and other electronic components, which help
in proper functioning of the elements in various components such as
transformers, sensors, coils, and others. The PCB segment is expected to
register a CAGR of 4.2% by 2024. The PCB transformers segment is expected to
exhibit a CAGR of over 6.88%, owing to both renewable and non-renewable energy
sources coupled with power distribution ability in the energy industry. The
increase in demand for medical devices is expected to fuel the demand for different
types of sensors used in medical devices such as optical sensors, biosensors,
touch sensors, image sensors, pressure sensors, and temperature sensors. The
sensors segment is expected to register the highest CAGR during the forecast
period.
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Based on end-use industry, the global market has
been segmented into building & construction, automotive, transportation,
electrical & electronics, marine, and others. The electrical &
electronics segment accounted for the largest market share in 2017 and is
expected to maintain its dominance throughout the forecast period. The growing
adoption of electronic devices and smart household appliances, decrease in the
price of entry-level electronic goods, and increasing adoption of e-commerce
platforms are expected to boost the growth of the global encapsulation resins
market during the forecast period.
Competitive Analysis
The key players operating in the global
encapsulation resins market include Aremco (US), Hitachi Chemical Co., Ltd
(Japan), Dow (US), BASF SE (Germany), ELANTAS GmbH (Germany), H.B. Fuller
Company (US), Master Bond Inc (US), Henkel AG & Co. KGaA (Germany),
Shin-Etsu Chemical Co., Ltd (Japan), MG Chemicals (US), Huntsman International
LLC (US), Robnor ResinLab Ltd (UK), Dymax Corporation (US), LORD Corporation
(US), and RBC Industries, Inc (US).
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